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Aug 2, 2013 9:00am EDT
painful constraints to calm as we have seen in europe and detroit last week? >> you no, you framed this all very well. i think it's so important as tommy said to put things in context. when i go back to those years, it was an extraordinary time in american fiscal history. i will never forget being called to an emergency meeting in the fall of 2008 to the majority leader's office. i was the last to arrive because i had been chairing a meeting on energy and another part of the capitol complex and i walked then and there were 16 or 17 people in the room leaders in the house and senate republicans and democrats. the chairman of the federal reserve and the secretary of the treasury of the bush administration and it was about 6:00 in the evening. they actually posted a guard at the door and close the door. it was very unusual as you know. i knew something dramatic was afoot. and i sat down and the meeting began. this degree of the treasure in the chairman of the federal reserve told us they were taking over aig the large insurance company the next day. they made very clear they were not
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